In 2001, Equity Building Society, Kenya, approached MSC to understand the reasons for the low uptake of their credit products. The resulting research, re-structuring of the products, and supply-side support put Equity on the path to transform into a bank. Equity was subsequently listed on the Nairobi Stock Exchange.
MSC supported Equity in strategy, product innovation and design, product marketing, digital transformation, costing and pricing, business process re-engineering, risk management, staff incentives, branding and corporate identity, and many other areas. From 2010, we also worked to build Equity’s model to deliver digital financial services. This involved agent network development and management, digital transformation, product-mix assessment, channel, and product differentiation, new product development, testing and roll-out, marketing and communication, and customer service.
MSC’s close collaboration with Equity Bank over the past two decades has helped the bank’s customer base to grow from 109,000 to over 12 million in six countries. Over 97% of Equity Bank Kenya’s transactions are conducted outside their branches, while customers initiate over 70% of transactions on their mobile phones. Today, Equity is the most respected mass-market bank in Africa.